CURRENCY AREAS AND MONETARY COORDINATION*
将货币搜寻模型融入开放宏观经济，分析各国协调通胀政策的收益。研究发现，由于搜寻摩擦和本地拥挤效应，两国货币间汇率确定且相对价格偏离一价定律，各国倾向于通过通胀来利用这种偏离，而政策协调能降低通胀并提升各国福利。
We integrate a monetary search model into open‐economy macro to analyze the gains from coordinating on inflation. Search frictions and local congestion lead to a determinate exchange rate between two currencies. Relative prices deviate from the law of one price. Because the deviations depend on the cross‐country differential in money growth, each country is tempted to inflate to exploit the deviations. Policy coordination reduces inflation and improves welfare for all countries. In contrast to traditional models, the gains from coordination continue to exist even after each country optimally sets a direct tax on the foreign use of the country's currency.